Hi all i'm new here so take it easy with me please if I ask a dum question!!!
I want to buy a tl-s, but i need to know how does it work when you trade in your car, I have 1999 Acura 3.0 cl with 27000 miles and i still owe the bank 18,921. Can someone please tell me how that works.

Thanks fellas

 

welcome to the board!
sorry can't help you...never traded in a car.
but i know you'll be owing them money.

 

Dude,

I just ran your car through Kelly Blue Book (www.kbb.com), and assuming it is in excellent condition, and you sold in in Los Angeles, the trade-in value is only $19,185. So don't expect to get much, if anything, on a trade-in. Basically, the dealer will be relieving you of your obligation to pay the $18.9 K you already owe Honda Finance or whoever loaned you the money, and you will coming into the new deal with nothing other than the cash in your bank account and your credit-worthiness.

 

Thanks alot fellas! I get it know!
I will have to think about what i'm going to do now! Sell it or trade it!

 

Well, why don't you just take your car to the dealer, and try to get the highest possible amount for your trade-in, and then go from there? That's what I did..
Ed

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Acura-TL.com - Forum Moderator

'99 TL Satin Silver/Ebony, Non/Nav, Comptech lowered, Comptech Air Filter Element, Inspire Tails, AEM Brake Pads all around, Comptech Axle Back Exhaust, "Guy Smiley" doll on the dash as my Co-driver...
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Pics of my TL
Pics of my Miata! Wadya think?

 

I agree with Shoofin...cause they know that you are interested in another ACURA product and want to keep you happy

 

Hey Shoofin'TL i see you re form bkln, Which acura dealer did you go?

 

Okay, this is how it works.

Walk in to the dealer and agree on a price before you even tell him you have a trade-in. Reason is, if you make out good on your trade-in value, htey will just add it on to price of the new car. I was only offered $9,000 for my Monte when I bought my TL cuz the MSRP was non-negotiable. They would give me 13,000 for it if I bought the RL and then charged me $45-$46,000 for it. Got it.

Anyway, when you trade-in a car, they are in essence giving you back that amount off of your new purchase. Let's say your CL is worth $20,000. Subtract that amount off of your new TL-s with Navi, Underbody kit, spoiler. That's about $36,000 - 20,000= $16,000 you owe. Sounds good right?

YOU STILL OWE THE BANK $18,921. So you either pay off the bank on the side or you roll-over the loan on top of your new loan.
That's $34,921 you now owe the bank. Figure in interest rate and the term of the loan and there you go.

The other option is selling it privately, use the money to pay off the bank, and what you have left is the down-payment on your new car. If your loan exceeds the value of the car, you have some thinking to do. If you go in with a low down payment, then you'll be in this same predicament in a couple years.

One benefit of trading in is that you only have to pay taxes on the new $16,000 as opposed to the $30k+ of you bought it outright but you won't get as much as you could sell it for because the dealer absorbs the preparation costs and has to resell it themselves.

Not to sound offensive but just to clarify, luxury cars are usually purchased with large down-payments.
I have a 99 TL with only $10,000 left with most likely smaller or equal payments than you, and you have a 99 cl with $18,000. I would make out like a bandit if I sold my car and bought a new one. (Not S-type, though) It would be a little harder on your purse.

Good luck and you can e-mail me if you have further questions.

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1999 Firepepper Red
Under Body Kit/Rear Wing Spoiler/26 Piece Wood Grain Console/BurlWood Shift Knob/30% Smoke Tint/Comptech Sways & Springs/02 Tails
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